Yes its a orrible chart technically in terms of resistances not...

Yes its a orrible chart technically in terms of resistances not holding true - reflects whats been driving the derate

But this is a big reason I dont buy big cap PMs as a rule - if PMs get suppressed into a risk off which happens a reasonable amount - they spring back hard after the event. (gold wanted to rise from May but got whacked by bankers in June/July instead of moving up as natural buying pressure wanted)

but during risk offs the index exposures tend to suffer more than small caps

at a point small cap stocks get so cheap they should attract bids that look through macro - much harder to do on bigs

$40m EV isnt quite in the bargain basement zone - but youd think its pretty close if investors see metal markets uptrending after

the aud/usd move is a bit of a worry though. normally that moves up for metals

but personally i think last night was a function of massive long leverage in US - so it just needed a catalyst to unwind

oil, usd, tech/ crypto all massive overboughts

i also dont think it was news to the best informed. elon musk selling 10% of tesla was a warning shot imo